On a positive note, wallet companies can be thankful for the demonetization move by the Indian Government as these companies are seeing a huge growth both in terms of number of users and making profits.
Earlier, Paytm had witnessed about 7 million daily transactions worth about Rs. 120 crore helping it cross $5 billion Gross Merchandise Value (GMV) sales four months ahead of its target. In addition, Paytm stated that it had registered nearly 300 percent year on year growth. Not only that, but the company has seen a huge number of sign-ups and more number of app downloads.
Although we have witnessed the growth of Paytm, people are now concerned about the privacy and security issues within the app. People have started to question whether their personal or transactional details will be safe or not or that their data will be compromised.
While the questions had just started floating in the air, it seems like Paytm has heard the need of its users. To clear all the doubts, Paytm has announced the launch of a new security measure that will allow users to add a lock on all transactions from their wallet as reported by Gadgets 360.
Earlier, anyone could use the Paytm app to make payments using anyone's phone. With the new security feature, it will allow only those users who know the security code to access their phones thereby giving a secondary layer of security to the app.
Android's Authorization Mechanism
Paytm's new security feature will be using Android's authorization mechanism. What it means is that, it will work only on a phone that has a screen lock which can be a PIN, password, pattern, or fingerprint lock.
How to Enable the Security Feature?
First, you need to launch the updated Paytm app and tap on the Pay or Passbook button. When you click on that, an advisory pops up informing you of the new security feature. Now, simply tap "Add Security Feature" to get started, and confirm your PIN or pattern or password.
After making the necessary changes and completing the setup, a pop-up notification will inform users that the additional security has been enabled. Additionally, the security feature can be disabled from the settings in the Profile menu.
Now once you try to make the payment, you will be asked to enter the PIN or pattern or password or Privacy Protection Password that you have set.
Usually, the setup will take a few seconds. In addition, since users are inputting the password on their own device, there is no chance of anyone checking the details on Paytm's server. However, this security feature is only for Android users at present.
All in all, the move to add a security measure by Paytm can be reassuring and might encourage more people to adopt digital payments in the days to come.